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Metropol and Jugoslavija hotels

08. June 2010.

- Reconstruction of Belgrade-based Metropol and Jugoslavija hotels will be finished within next nine months and next two years, respectively - said Slobodan Milosavljević, Serbian Minister of Trade and Services.

 - I spoke to the owner of the biggest Greek hotel-tourist chain who is also the owner of Metropol hotel in Belgrade, of which reconstruction is underway for a long time, and he promised that that hotel would be completely finished within the next nine months - he told Beta agency after upon his return from Greece where he was staying with Serbian business-economic delegation.

As he added, he also spoke to the owners of Jugoslavija hotel who told him that the complete reconstruction and expansion of the hotel would start as soon as all the necessary permits were collected.

- Jugoslavija hotel will be a completely new investment, which will also include construction of a thirty-floor building - Milosavljević said and added that, in his opinion, it would take two years for that hotel to be finished.

Milosavljević reminded that between 60 and 70 million euros would be invested in reconstruction of Metropol hotel, exclusive of the privatization price, while the value of complete investment in Jugoslavija hotel would range between 120 and 150 million euros.

 The representatives of Alpe Adria Hotels, which bought Jugoslavija hotel in January 2006 for EUR 31.3m, signed the contract with Kempinski Hotels in July 2008 on the admission of that Belgrade-based hotel to one of the world's most luxury hotel chains.

It was announced on that occasion that the reconstructed hotel would have five stars and that it would be a part of the new business-residential complex.

Metropol hotel was sold in April 2006 for 27.4 million euros to Greek company Greek Hotel, which owns over 30 hotels.

Serbian Trade Minister said that, while in Greece, he had also spoken to the representatives of all Greek banks that operated in the market of Serbia.

- We talked with the representatives of all Greek banks that are present in the market of Serbia and we were assured by the people from Alpha Bank, EFG Bank, the National Bank of Greece, Piraeus Bank, and Marfin Bank, that they would maintain the level of investments in Serbia, that they would not withdraw the funds from Serbia, and that they would keep financing the projects just like they had done before - he said.

Source: eKapija